The Vatican has just announced that Pope Benedict XVI will be known as His Holiness Benedict XVI, Roman Pontiff Emeritus or Pope Emeritus. Benedict also chose to wear only a simple white papal cassock with brown shoes.
His fisherman ring and seal will be smashed, so he will use the ring he used as Cardinal in its place.
Pope Benedict XVI is showing his humility in choosing to live a simple life. He will basically be living a monk’s life of prayer and simplicity.